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Iraqi News Iraqi News Monday AM 3-22-21

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Financial Committee Reporter: The Central Bank Will Challenge The Budget If The Dollar Exchange Rate Changes

Author: AhadNA3 On 3/22/2021 – 11:09 AM 62  The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, confirmed today, Monday, that the Central Bank will challenge the budget if the current exchange rate of the dollar changes.

Al-Saffar said, that the vote on the 2021 budget within the Finance Committee was based on the delivery of the Kurdistan region to 460 thousand barrels per day, indicating that some blocs requested the addition of a text in the budget that deducts benefits from the region in the event that it does not adhere to the agreement.

Al-Saffar indicated that the budget is for the entire country and not for a specific group, stressing that the provincial quotas, jobs and the exchange rate caused some blocs not to enter the parliament hall.

The Government Responds To Parliament’s Efforts To Change The Price Of The Dollar And Clarifies Its Position

Time: 03/22/2021 13:46:15 Read: 6,305 times  {Economical: Al Furat News} The government responded to the House of Representatives’ efforts to change the exchange rate of the dollar and reduce it.

“The opportunity is available to Parliament to express its opinion on the exchange rate of the dollar and change it within the budget, but its decision will not be binding on implementation by the government, as the price change is related to the government and the Central Bank of Iraq, who set the dollar exchange rate at 1450 dinars,” said Hassan Nazim, a spokesman for the cabinet.

Parliament has a responsibility to decide whether to approve and pass the budget, or to make amendments or changes to it. ”

And he stated, “The federal government has accomplished what is required of it in the budget file 3 months ago and now work is entrusted to Parliament in all respects, while the government can help facilitate matters or conduct interpretations and negotiations on some files.”   LINK

Al-Kazemi government comments on the possibility of Parliament changing the exchange rate of the dollar

Political  Monday 22nd March 2021 | 01:24 PM| Views: 166  A spokesperson for the Prime Ministry affirmed, Monday (March 22, 2021) that Parliament has the right to express its opinion on the exchange rate of the dollar, “but its decision is not binding .”

In a press statement, Minister of Culture Hassan Nazim said that Parliament has the opportunity to express its opinion on the exchange rate of the dollar and change it within the budget, but his decision will not be binding on implementation by the government, as the price change is related to the government and the Central Bank, which set the dollar exchange rate at 1450 dinars .

Nazem explained that it is the responsibility of Parliament to decide whether to approve the budget and pass it, or to make amendments or changes to it .

Nazem also said that the federal government has accomplished what is required of it in the budget file 3 months ago and now work is entrusted to Parliament in all respects, indicating that the government can help facilitate matters or conduct interpretations and negotiations on some files .

https://aynaliraqnews.com/index.php?aa=news&id22=145336

Cabinet On The Dollar Exchange Rate: Parliament Can Change It, But The Decision Will Not Be Binding On The Government

The spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, confirmed, Monday (March 22, 2021) that Parliament can change the exchange rate of the dollar, but it will not be obligatory for the government to implement it.

“Al-Marbad” website quoted Nazem as saying that “Parliament has the opportunity to express its opinion on the exchange rate of the dollar and change it within the budget.” He added, “The decision to change the exchange rate of the dollar will not be binding on implementation by the government, since the price change is related to the government and the central bank after setting the dollar exchange rate at 1450 dinars.”

The cabinet spokesman added, “It is the responsibility of Parliament to decide whether to approve and pass the budget, or to make amendments or changes to it.” He pointed out that “the federal government has accomplished what is required of it in the budget file three months ago, and work is now entrusted to parliament in all respects, while the government can help facilitate matters or conduct interpretations and negotiations on some files.”

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, said yesterday in a televised statement, that “the central bank will challenge the budget if the current exchange rate for the dollar changes.”    https://www.radionawa.com/all-detail.aspx?jimare=24003

Economic Center: Parliament Cannot Change The Exchange Rate Of The Dollar

Time: 03/22/2021 09:33:33 Read: 3,224 times   {Economic: Al-Furat News} Wissam Al-Hilu, Director of the Iraqi Political Economic Center, stressed that the House of Representatives cannot change the exchange rate of the dollar.

In a statement, Al-Furat News received a copy of it, Al-Hilu said, “One of the main tasks of the Iraqi Central Bank is to determine the exchange rate in coordination with the Ministry of Finance and the government, and that the House of Representatives has no right to determine the exchange rate.”

He indicated that “if the parliament insists on changing the exchange rate in the budget allocated for the year 2021, the Central Bank of Iraq will appeal the budget.”

Al-Hilu added, “What is happening in the corridors of the House of Representatives is nothing but electoral gain among specific blocs in order to gain the friendliness of the Iraqi street,” calling for “strengthening state revenues and customs, controlling all border outlets, supporting sectors affected by changing the exchange rate, and finding quick economic solutions that enhance the Evaluating the Iraqi private sector and supporting small enterprises with bank loans that enhance the labor market in Iraq.  LINK

The Central Bank Sells More Than $ 94 Million In A Currency Auction

Economy   Monday 22nd March 2021 | 02:53 PM| Views: 187  The results of the foreign currency sale window of the Central Bank of Iraq showed, on Monday (March 22, 2021), an increase in the bank’s sales of more than $ 94 million .

According to the Central Bank’s announcement today, the total sale for the purposes of enhancing funds abroad (transfers, credits) reached $ 94,794,000 million .

The bank’s announcement indicated that the total cash sale reached zero, while the total sales amounted to 94,794,000 dollars, indicating that the sale price of the sums transferred to bank accounts abroad amounted to (1460) dinars per dollar, and the cash sale price (1460) dinars per dollar .

https://aynaliraqnews.com/index.php?aa=news&id22=145343

Parliamentary Finance: Parliament Will Not Be Able To Pass The Budget In One Session

Money  and business   Economy News _ Baghdad   A member of the Parliamentary Finance Committee, MP Muhammad Ibrahim, confirmed, on Monday, that the budget file will not be passed during one session, especially since there are some controversial matters that still exist to this day and political dialogues are taking place in order to solve them and agree on a specific formula to pass the budget.

Ibrahim said in a press interview, “The budget contains many articles and it is unlikely to pass it in one session, especially with some disagreements about its texts.”

He added, “The focus of the budget dispute is related to Article 11, which relates to oil exports and the agreement with the region on the revenues to be delivered.”

And that “there are swing political positions on voting on the budget, and there is parliamentary political pressure to go ahead and resolve differences with the region to vote on the budget.”

Number of observations 129 Date of addendum 3/22/2021

https://economy-news.net/content.php?id=24559

Our Banks In The Central Official Data

Monday 22nd March 2021   38  Samir Al-Nasiri  The Central Bank issued the financial data for the activities of government and private banks for the year ending 12/31/2020, and among the most prominent indicators, at the overall level, was the banking sector’s achievement of good annual business results in complex economic conditions, the spread of Corona and the economic closure, and a comprehensive and partial ban.

This is due to the strong commitment of the banks to implement the instructions of the Central Bank to continue daily work and provide banking services and products to the public and companies, in addition to its implementation of the Central’s special initiatives in 2020 and the Central Bank’s continuation of launching new initiatives in the fourth quarter of the year,

and in the year 2021 to revitalize the economic cycle by activating and motivating banks to finance small projects And from the analysis of the indicators and their comparison with the year 2019 at the total level, it becomes clear that banks’ capital increased by 6 percent, deposits by 4 percent, and cash bank credit by 19 percent.

At the level of private banks, there has been a clear increase in the capital ratio by 8 percent and invested up to 76 percent of the total capital of the banking sector, an increase in deposits by 13 percent, and in cash credit by 16 percent, and the total assets have maintained their level as well. in a year 2019.

Also, the amounts of bad debts increased by 25 percent from last year due to non-commitment of some borrowers and delaying payment for the first months of last year in light of the Central Bank’s decision to support borrowers due to the Corona pandemic.

From the analysis of data in comparison between government and private banks, the imbalance and large differences in the distribution of deposits, cash and pledge credit, and assets are still present, and the share of private banks for deposits is 13%, for credit is 16%, for total assets is 21% and for profits is 22%, so the redistribution of powers and granting sufficient flexibility For private banks in a balanced way with government banks, by activating the decisions to support private banks issued by the Council of Ministers and the previous Economic Affairs Committee,

which is in addition to being an urgent requirement for private banks, as the White Paper referred to it in the goals of reforming the banking sector, which is to allow private banks to take their role As a lever for the economy and ending the role of government banks as an arm of finance Banker.   LINK

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